Built in 1986, the Class C multifamily property contains 390,515 square feet on 32.19 acres at the southeast corner of North Germantown Parkway and Trinity Road.

The Shelby County Assessor of Property’s 2012 appraisal is slightly less than $19 million.

In conjunction with the purchase, Trinity 464 filed a $19.2 million multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing with CBRE Multifamily Capital Inc.

Ryan C. Millsap signed the deed as managing principal of Arenda Capital Management, the manager of Trinity 464.

Arenda Capital Management in June bought the 324-unit Madison at Schilling Farms apartment complex in Collierville for $32 million.

Working under the name Madison 324 LLC, Arenda closed on the purchase from G&I IV Madison LP. G&I is a joint venture between New York-based investment adviser DRA Advisors LLC and Memphis’ Fogelman Properties.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Tennessee Department of Transportation to Halt Lane Closures During Holiday

The Tennessee Department of Transportation is halting all lane closures during the Thanksgiving holiday.

Officials say all construction-related lane closures will be stopped beginning at noon on Wednesday, Nov. 21, until 6 a.m. on Monday, Nov. 26.

They say there will also be increased law enforcement on the roads.

TDOT Commissioner John Schroer says about a million Tennessee travelers are expected to drive to their destinations over the holiday.

According to AAA, about 44 million motorists nationwide will travel 50 miles or more during the Thanksgiving holiday.

Wyatt Tarrant Summer Associate Wins Honor

Strong received the honor based on academic excellence, community service and his dedication to the goals and objectives of the bar association.

He’s a graduate of White Station High School and the U.S. Naval Academy. He served a tour of duty in Afghanistan before returning home to Memphis last year to attend law school. He also is the first recipient of the Wyatt, Tarrant & Combs-Benjamin L. Hooks Law Scholarship, which was created by the Wyatt firm in honor of the late civil rights icon Benjamin L. Hooks, who was the head of Wyatt, Tarrant & Combs’ diversity practice group until his death in 2010.

– Andy Meek

Moore Wins 2012 VESTA People's Choice Award

Dave Moore of The Dave Moore Cos. was the winner of the 2012 VESTA People’s Choice Award presented at the Memphis Area Home Builders Association’s “3rd Thursday” mixer, Thursday, Nov. 15, at Quantum Showrooms.

More than 10,000 votes were cast in the balloting, with Moore’s house, La Montagne, receiving the majority of the votes. Two items frequently mentioned on the ballots were the upstairs media room and the backyard entertainment area with the pool.

Coming in second in the competition was Votre Maison, built by Phil Bryce of Bryce Homes, and third place was awarded to Mon Reve, built by Darin K. Halford.

All five of the 2012 VESTA builders were presented with framed renderings of their home.

Also at the event, MAHBA 2012 president Jimmy Moore presented a check for more than $17,000 to the 2012 charity partner, Down Syndrome Association of Memphis in the Mid South. The association assisted in many ways to make the show a success, including providing volunteers for traffic control, greeters and ticket takers.

– Sarah Baker

Unemployment Falls in 75 Percent of US States

An increase in hiring helped lower unemployment rates in 37 U.S. states last month, the latest indication that the job market is slowly healing.

Unemployment rates are now below 7 percent in 23 of the 50 states. The Labor Department says rates rose in seven states in October and were unchanged in six.

Tennessee’s rate decreased to 8.2 percent, down from the September revised rate of 8.3 percent.

South Carolina’s rate fell from 9.1 percent to 8.6 percent, the biggest drop among states. It has fallen a full percentage point in just two months. The state gained 7,300 jobs in October, mostly in hotels, restaurants, education and health care, and government. Alaska and Wisconsin recorded the next biggest declines.

Nationwide, the unemployment rate ticked up to 7.9 percent in October. But it has declined a full point in the past year. Employers added 171,000 jobs in October. Job gains in September and August were also much stronger than initially estimated. That raised the average job growth from July through September to 174,000 a month, up from 67,000 a month in the April-June quarter.

The biggest job gains among states in October were in California and Texas.